Bulls have returned to the Bitcoin (BTC) market. Since March 10, the price of the largest cryptocurrency has risen by 35%. There are questions among investors and market players about the reasons for this sudden turnaround. In today’s analysis, we present top five technical arguments behind the Bitcoin price rise.
The basic premise of technical analysis is that the market discounts everything. This means so much that all available fundamental, political or psychological information is already included in an asset’s price.
The notion that it is possible to predict the movement of an asset’s price on the basis of any information, news or fundamental changes is erroneous. It is the technical analysis that can determine what news or changes have already occurred or are likely to occur in the future.
Recent News Rocked the Markets
Meanwhile, many participants of the cryptocurrency market try to understand and predict the price of Bitcoin and other assets solely on the basis of fundamental analysis and news. Therefore, the collapse of Silicon Valley Bank, panic in the traditional banking and financial sector, among others, are cited as reasons for the ongoing upward momentum. While others suggest that cryptocurrencies are on the rise because of President Biden’s statement or positive news on U.S. employment.
Nevertheless, there are a number of technical analysis signals that explain the reasons for the ongoing recovery. These appear alongside a number of on-chain arguments that have long confirmed that the worst of the bear market is likely behind us. The decoupling from the traditional stock market and the loss of BTC’s
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Author: Jakub Dziadkowiec
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